#NZDUSD @ 0.61899 bulls move back in following firm China data. (Pivot Orderbook analysis)

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• NZD/USD bulls move back in following firm China data.
• NZD/USD eyes a fresh high for the day.
• Australia Weighted CPI YoY Jan: 7.4% (est 8.0%, prev 8.4%).
• Australia GDP SA QoQ Q4: 0.5% (est 0.8%, prev 0.6%) – Australia GDP YoY Q4: 2.7% (est 2.7%, prev 5.9%).
• China Manufacturing PMI Feb: 52.6 (est 50.6, prev 50.1).
• China Non-Manufacturing PMI Feb: 56.3 (est 54.9, prev 54.4).

The pair currently trades last at 0.61899.

The previous day high was 0.6208 while the previous day low was 0.6133. The daily 38.2% Fib levels comes at 0.6179, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6162, expected to provide support.

NZD/USD was under pressure by some 0.2% on the day following in the footsteps of the Australian Dollar that tumbled on a batch of disappointing data on Wednesday. However, at the time of writing, NZD/USD is trading at 0.6185, off its lows on a positive spin from China.

Australia reported Gross Domestic Product and the monthly Consumer Price Index as follows:

The outcome has weighed heavily on the Aussie that now has shorts moving in for the first time this week following Monday’s initial balance, pulling the Kiwi lower in a failed upside breakout scenario. This potentially leaves prospects of a sell-high opportunity for the London and US sessions as shorts dominate the space in a strong US Dollar environment. The greenback is being supported on the US rate futures that have priced in the Federal Reserve’s target policy rate peaking at 5.4% in September and the Fed’s policy rate is currently in a 4.50%-4.75% target range.

Meanwhile, we have some data coming out from China today that could be supportive. So far, China’s Manufacturing Purchasing Managers Index (PMI) and the official Non-manufacturing PMIs have been released as follows:

AUD found some solace here which would also be expected to support the Kiwi. Chinese Caixin manufacturing PMI came in with an actual 51.6 (forecast 50.7, previous 49.2) which is also supportive.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.617 at the time of writing. Pair opened at 0.6181 and is trading with a change of -0.18 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6289, 50 SMA 0.6341, 100 SMA @ 0.6198 and 200 SMA @ 0.6182.

The previous day high was 0.6208 while the previous day low was 0.6133. The daily 38.2% Fib levels comes at 0.6179, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6162, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.614, 0.6099, 0.6065
• Pivot resistance is noted at 0.6215, 0.6249, 0.6291

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